<p>I have looked at alot of calculators and I have gotten completely different answers, the schools i am considering now are williams, amherst, pomona, and harvey mudd.
My dad makes 90k per year, my mom doesnt work, but the kicker is that they have about 500k worth of rental properties with 200k in debt on these: our current house is 300k and we owe 200k.
I have 5 other siblings but they are all young my brother is 3 years younger than me, will this help at all?- he'll be a freshman when im a senior.
any help is appreciated.</p>
<p>Well…you have $300,000 in equity in those rental properties. At 5.6%, those will add about $16,800 to your EFC. A $90,000 income would be about $25,000 or so. So you are up to about $41,000 in family contribution.</p>
<p>Those are my estimates.</p>
<p>Does that income include the rentals from those properties? That will be considered as well.</p>
<p>What do your parents say they can pay per year for you to attend college?</p>
<p>I don’t think you are going to get a reliable calculator in that circumstance of property rental. I think you are going to have to pay a lot. If your parents aren’t willing to pay a lot expand your search. I’m sure people who know more about how equity is treated will come in.</p>
<p>I didn’t even include primary home equity! But the equity in the rental properties is an asset…just like money in the bank.</p>
<p>thanks</p>
<p>It would be fraud to NOT include those rental properties if you own them. And it is definitely fraud to gain financial aid by providing fraudulent information on your financial aid forms. In addition, your parents will need to link to the IRS data retrieval tool, which should have the schedules for those rental properaties on them. </p>
<p>Colleges frown on dishonesty. Dishonesty to gain financial aid could,result in you losing your aid, a fine, and losing your admissions spot to the college. </p>
<p>You need to be HONEST on your forms. Period.</p>
<p>Do you inderstand that fraud is a crime?</p>
<p>ETA…you posted this also…</p>
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<p>So stop trying to figure out ways to game the system. If your parents are definitely not going to pay, you need to find affordable options. You applied to some high flying schools…brown, etc. if you are indeed a competitve application for admission to those very highly selective schools, you could,get merit aid at other schools.</p>
<p>Of course you have missed the deadlones for many of the more generous awards.</p>
<p>Your would defraud your school? Are you kidding me? I don’t even want to dignify that, you will basically get blackballed or kicked out or your Dad can go to jail, fines and restitution…</p>
<p>Really colleges do not want students with such big holes in their ethics. You will stop at nothing to get ahead or do you have a limit?</p>
<p><a href=“Father admits to falsifying financial aid data - The Boston Globe”>Father admits to falsifying financial aid data - The Boston Globe;
<p>I’m pushing the BS button in this one. This poster is suggesting financial aid fraud…but his intended career is as a lawyer.</p>
<p>Give me a break.</p>
<p>
I don’t see any postings from OP that he/she intents to defraud.</p>
<p>@4kidsdad </p>
<p>The poster edited his post to remove that part. Too bad the other posters hadn’t copy/pasted his words.</p>
<p>Obviously, he wanted to exclude a mention of those rentals, but since the parents’ names are on those properties, that would get caught…and the student would get into big trouble…lose aid and who knows what else.</p>
<p>Not only that, likely the parents have things on their tax returns that indicate the existence of those rentals. The parents are likely deducting relative expenses, mortgage interest, etc. They aren’t hidden in any way.</p>
<p>The poster is also neglecting to mention the INCOME from those rentals. That can add another $25k+ per year in income.</p>
<p>^Thanks.</p>
<p>Did the OP even bother to run NPCs on these colleges?</p>
<p>And if the OP is not employed, he can’t even pay $10,000 per year without his parent help, unless they’ve turned over assets to him.</p>
<p>This question is moot - the EFC will not be low enough for him to pay on his own.</p>
<p>He says his parents are rich and won’t pay for his college.</p>
<p>Then he needs to take out gargantuan loans if the EFC is higher than 0.</p>
<p>The NPC likely wouldn’t work well with a family that owns rental properties. </p>
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<p>Are you a recruited athlete in a sport that provides a full ride?</p>
<p><<<
This poster is suggesting financial aid fraud</p>
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<p>And…the topper is…his goal is to attend a tippy-top law school! </p>
<p>Well, with a fraud on his record, that would kind of exclude that chance. </p>
<p>Post number four…was edited. The OP suggested NOT including the rental properties on the financial aid applications. When he saw the replies about fraud, he edited his post to delete that. </p>
<p>On another thread, the OP mentions taking out loans, and says his parents will cosign them.</p>
<p>Like I said upstream…I’m pushing the BS button. </p>
<p>He’s a recruited athlete,but looking at schools that don’t give athletic scholarships. He’s going to be very disappointed…</p>
<p>The kid doesn’t understand how these properties will show up even if not directly mentioned. The parents’ names are on the title (remember those 2 LA girls who lost their aid AFTER school started when the records showed their parents names on other properties)? </p>
<p>Also…since these are rental properties with mortgages on them, likely the parents’ are listing the mortgage interest and other related expenses when they file their taxes.</p>
<p>Like I said…BS button!</p>